Yi Li Hua: Bitcoin Has Ended Bearish Trend, Bullish Outlook for Next Two Weeks

BlockBeats News, August 21st, Liquid Capital (formerly LD Capital) founder Daniel Yihua published an article stating that since May's rebound was determined to be over, for the past two months his main focus has been on one thing: that July to August may be the last buying opportunity for this round of BTC. With Bitcoin's daily chart strongly breaking above the 120-day moving average and the 200-day moving average, and at the same time, the weekly chart breaking above the 20-week moving average, the bearish trend of BTC has officially ended.

He stated that the market is still bullish for the next two weeks, but after rising to a certain level, a pullback may occur. The magnitude of the subsequent pullback will not exceed 50% of the advance. For investors using leverage, it is recommended to close long positions and refer to the weekly trend and pullback magnitude during the 2023 bull run.

In this round, Bitcoin dropped from a high of $126,000 to $57,000, with a maximum decline of about 56%. He believes that this decline has already formed a cyclical low point, and it will be difficult for the market to see BTC prices starting with $50,000 again.